Pune, India, March 29, 2022 (GLOBE NEWSWIRE) -- The global Industry 4.0 Market size is expected to gain momentum by reaching USD 337.10 billion by 2028 while exhibiting a stellar CAGR of 16.4% between 2021 to 2028. In this report titled “Industry 4.0 Market,” Fortune Business Insights mentions that the market stood at USD 101.69 billion in 2020.
Key Industry Development
- March 2020 - Cisco Systems Inc. announced its collaboration with Microsoft Corporation. This collaboration will allow seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud, and it also empower users to get a pre-integrated IoT edge-to-cloud application solution and seamless flow of data through IoT edge.
- February 2020: Tech Mahindra and Honeywell collaborated to develop ‘Industries of the Future.’ Both companies are planning to capitalize on software, Industry 4.0, 5G, and digital transformation capabilities.
- March 2019: Ericsson introduced a novel connectivity solution named Ericsson Industry Connect. It would help communication service providers to provide dedicated cellular networks at warehouses and factories.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 16.4% |
| 2028 Value Projection | USD 337.10 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 101.69 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | By Application, By Vertical, Geography |
| Growth Drivers | Increased Adoption of Industrial Robots is Expected to Drive Growth |
| Manufacturing to Capture Maximum Share in the Forthcoming Years |
Market Growth Drivers:
Increasing Adoption of Robots to Drive Market Growth
In recent times, the demand for robots have increased. Moreover, robots, which were previously costlier and had limited offerings are now inexpensive machines that are capable of performing a wide range of tasks. Specifically, industrial robots, are widely used by people all over the world. For instance, a report by the latest robotics industry trends, suggest that industrial robots are increasingly being used in manufacturing hubs, resulting in rapid advancements, development, and evolution, and this is expected to drive the industry 4.0 market growth.
Increasing Utilization of Robotic Engineering and Technologies to Boost Growth
Robots nowadays have become inexpensive and are capable of performing various tasks. Industrial robots are being rapidly used across the globe on account of evolution, development, and advancements. The manufacturing sector has also accepted robotic technologies and engineering to enhance their production processes. They can perform testing, product inspection, palletizing, pick and position, assembling, ironing, heavy-lifting, and welding. These factors are expected to bolster the industry 4.0 market growth in the upcoming years. However, the implementation of unique technologies can often lead to security and data breaches. Also, industry 4.0 solutions cannot prevent hackers from accessing the confidential data of manufacturers. It may hinder growth.
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Global Industry 4.0 Market Segmentation:
By Application
- Industrial Automation
- Smart Factory
- Industrial IoT
By Vertical
- Manufacturing
- Energy & Utilities
- Automotive
- Oil and Gas
- Aerospace and Defence
- Electronics and Consumer Goods
- Others (Transportation, Etc.)
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Regional Insights:
Europe to Dominate Backed by Increasing Investments
Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the substantial investment in technologies and skills to maintain its position in the global market. The deployment of connected objects and automation techniques has transformed the German manufacturing process and has given rise to the fourth industrial revolution. The region’s market stood at USD 34.60 billion in 2020.
North America is expected to showcase significant industry 4.0 market share in upcoming years, owing to the presence of major players operating in the region, government initiatives, and increasing funding in research and development activities are vital factors that is propelling the regional market.
North America to Grow Steadily Fueled by Increasing Investments in R&D Activities
Geographically, North America is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the rising acceptance of smart manufacturing by various reputed firms. Additionally, surging investments in R&D activities, coupled with favorable government initiatives would accelerate growth in this region. Europe, on the other hand, held USD 34.60 billion in terms of revenue in 2020. The presence of robust tech giants, namely, General Electric, Honeywell, and Siemens is set to spur the demand for industry 4.0 in this region. Coupled with this, the increasing establishment of real-time data processing and connectivity is anticipated to propel growth
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The Report Lists the Key Companies in the Global Market:
- ABB Ltd (Zürich, Switzerland)
- Siemens AG (Berlin, Germany)
- Cognex Corporation (Massachusetts, U.S.)
- Schneider Electric SE (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Rockwell Automation, Inc. (Wisconsin, U.S.)
- General Electric Company (New York, U.S.)
- Robert Bosch GmbH (Stuttgart, Germany)
- Cisco Systems Inc. (California, U.S.)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Industry 4.0 Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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